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SAR & CTR Required?
Answer by Randy Carey, BOL Guru
Guru Bios
Question: I thought a SAR was filed for amounts from $3,000 up to $10,000 and a CTR was filed for amounts over $10,000. In a situation involving more than $10,000 our bank is telling us we need an SAR and a CTR. Why do you need both if they serve the same purpose.
Answer: A CTR and a SAR do not serve the same purpose. A CTR is a Currency Transaction Report that is required to be filed when a transaction(s) involves more than $10,000 in cash by one customer. A SAR is a suspicious activity report that is required any time a bank believes that a customer is engaged in illegal or suspicious activity. If the bank can identify a suspect, the reporting threshold is $5,000. If a suspect cannot be identified, then the reporting threshold is $25,000. If the suspicious activity involves money laundering or terrorist financing, or a bank insider, there is no threshold.
First published on BankersOnline.com 5/12/08
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